José Alberto Espinal, Haide María Crisóstomo, and Juan Pablo Monsanto agree that decentralization, institutional support, professionalization, and combating informality are among the top priorities for strengthening the real estate market in the Northern region
SANTO DOMINGO.- Three representatives of the real estate sector in Santiago identified the main challenges that the new Board of Directors of the Association of Real Estate Agents and Companies (AEI) will have to face, among which they highlight the need to strengthen regional representation, combat informality, improve the preparation of agents and guarantee greater institutional support to its members.
José Alberto Espinal, Broker Owner of Plusval; Haide María Crisóstomo Reyes, president of Grupo Loum / Loum Realty Group and former member of the Board of Directors of AEI Santiago; and Juan Pablo Monsanto, general manager of the Northern Zone of Murcia Group, agreed that the strengthening of the association must translate into concrete actions that respond to the needs of real estate companies and professionals.
Although their approaches stem from different experiences and perspectives, all three believe that Santiago needs a closer, more organized and representative, capable of promoting the professionalization of the market and contributing to a more transparent and orderly real estate development.
Among the main concerns expressed are the informality in the practice of intermediation, the lack of technical and legal preparation of some agents, weaknesses in the commercial organization, the need for greater legal certainty and the limited participation of the provinces in institutional decisions.
Espinal demands greater decentralization and representation of the Northern region
José Alberto Espinal, Broker Owner of Plusval, with 37 years of experience in the real estate sector of Santiago and the country, believes that one of the main commitments of the new management should be to guarantee a solid institutional presence in the North region and an effective representation of the particular needs of the Cibao market.
In his view, the AEI must assume a proactive, inclusive and decentralized leadership, which allows agents and companies from the provinces to actively participate in the decisions that shape the direction of the organization.
"The agents and companies of Santiago need an AEI that maintains a solid presence in the Northern region, promoting the professionalization of the sector and ensuring that the needs and particularities of our market are represented at the highest level in institutional decisions," he said.
Espinal positively assessed the election of the new board, especially for the participation of the president in structuring the bill that seeks to regulate real estate activity in the Dominican Republic.
He believes that this knowledge represents an opportunity to move towards a historical institutional framework, with greater guarantees for professionals and consumers.
"Having a board that knows the inner workings of this legislative project gives us confidence that the sector is moving towards a historic institutional framework," he said.
Combatting informality and professional accreditation
Among the main challenges identified by Espinal are informality and professional intrusion, situations which, he understands, affect the credibility of the market and hinder the integration of the different participants in the real estate activity.
In this regard, it considers it necessary for the AEI to promote intensive accreditation and training courses, reinforce compliance with the code of ethics, and establish clear criteria for professional practice.
It also proposes eradicating misleading advertising, regulating the acquisition of properties through properly structured contracts , and strengthening the vetting of actors involved in transactions.
As part of his proposals to boost the growth of the Santiago market, he recommends creating a observatory or statistical bulletin that allows for periodic monitoring of price behavior, supply, and demand.
It also considers it important to establish alliances with the municipality and regulatory bodies to help streamline the permitting and title registration processes.
It warns about planning and infrastructure obstacles
When referring to the structural weaknesses that limit real estate growth in Santiago, Espinal identifies the absence of a specific legal framework, institutional bureaucracy , and deficiencies in urban planning.
It is particularly noteworthy that the city's vertical growth must be accompanied by proportional investments in infrastructure and roads.
"Santiago's rapid vertical growth requires proportional infrastructural support from the State and the city council," he warned.
It also believes that Santiago needs to improve its promotion as an investment destination, taking advantage of its corporate, medical, university and residential profile, as well as reducing difficulties related to financing and permitting for mixed-use projects.
It requests a Northern Zone delegation with operational autonomy
One of its main proposals is related to the need to strengthen the AEI North Zone delegation, through a representation that has direct participation in the national board of directors.
"Strengthening the AEI North Zone delegation, whose representative has a seat on the National Board of Directors to be fully informed about national plans and to keep them up to date on the actions they are taking in their management," he stated.
He adds to this the importance of granting operational autonomy to the regional representation to organize events, forums and working groups, as well as establishing two-way communication channels and periodic assemblies.
Their proposal seeks to ensure that the voice of the provinces has a real impact on the union's national decisions.
Chrysostom calls for a closer and more effective AEI (Association of Independent Experts) with support for its members
Haide María Crisóstomo Reyes, president of Grupo Loum / Loum Realty Group and former member of the Board of Directors of AEI Santiago, believes that one of the main challenges of the association is to strengthen its support for real estate agents and companies in the situations they face daily.
From his experience in the trade union, he understands that the institution must transcend social activities and occasional meetings to become a space for guidance, legal support and effective representation.
"I hope for an AEI that is much closer to its members. One that is not only present when there are important activities or events, but also in the day-to-day life of the real estate agent, in those difficult transactions, in those pending payments, in that 'I'm with you' call," he expressed.
Crisóstomo believes that members need to feel that they have an organization they can turn to when they face difficulties during their operations.
"The agent, the advisor, the company needs to feel that it has an institution behind it, that it can consult, that it can receive guidance and that represents it, above all that listens," he said.
From their perspective, the strength of the AEI should be measured by the benefits and solutions it offers to its members, beyond its institutional structure.
It questions informality and bad business practices
The president of Grupo Loum identifies informality as one of the main weaknesses of the Santiago real estate market.
He warns that there are people marketing properties without the necessary preparation, without knowing the legal implications of a negotiation and, sometimes, without properly verifying the documentation of the properties.
He also believes it is necessary to improve professional ethics, respect among colleagues, and transparency in the handling of commissions.
"More written agreements, fewer words. Words are just empty promises," he stated.
In that sense, he understands that the sector must establish clear rules of collaboration and recognize the value of the professional work of real estate advisors.
"We cannot demand that the client value our profession if we ourselves do not begin by giving it the value it deserves," he added.
He requests free training and better legal preparation
Another aspect that he considers a priority is to strengthen the training of agents, especially those who are beginning to enter the market.
Crisóstomo argues that professionals should know the basics of contracts, sales agreements, mortgages, and the risks associated with real estate transactions.
"A real estate agent doesn't have to be a lawyer, but they do need to know the basics of a contract, a sales agreement, a mortgage, and the risks of a transaction," he explained.
Their offerings include practical workshops on negotiation, real estate closings, sales team management, financing, legal aspects, and customer management.
It also demands that the association promote free in-person courses for its members, considering that training should represent a tangible benefit of membership.
"Being part of an association should translate into real benefits. Not everything can represent an additional cost," he argued.
It demands commercial organization and respect for exclusivity
Crisóstomo also questions the practice of marketing the same property through numerous agents, sometimes with different prices and without clear information.
He believes this situation affects the credibility of the market and makes it difficult to offer an organized service to buyers.
"We need to change this culture where the same property is being marketed by twenty different agents, sometimes with different prices and without clear information. That doesn't professionalize our market," he said.
Therefore, it proposes promoting collaboration agreements between real estate companies and greater use of exclusivity contracts.
Regarding Santiago's competitiveness, he highlights the opportunities represented by the Dominican community residing abroad, although he warns that these buyers need security, transparency and professional service.
Finally, it proposes resuming face-to-face meetings, developing working groups, and establishing legal guidance channels that allow members to actively participate in the decisions of the association.
"I want a strong AEI, but one whose strength is not only institutional, but also strong for its members," he concluded.
Monsanto proposes greater formalization, compliance, and institutional coordination
Juan Pablo Monsanto, general manager of the Northern Zone of Murcia Group, believes that the new board of directors has the opportunity to strengthen the AEI as a more modern, technical, accessible and results-oriented institution.
In his opinion, Santiago needs a management capable of following up on the real needs of real estate companies, independent agents and other actors linked to the market.
"We expect a close, active, organized management with the capacity to follow up on the real needs of the sector, both from the national board and from the Santiago representation," he said.
Monsanto understands that professionalization must become one of the central pillars of the new management, through certification processes, accreditation and the establishment of minimum standards for service, ethics, documentation, advertising and customer protection.
In assessing the new directive, he expressed positive expectations, although he warned that the main challenge will be to turn good intentions into a concrete and measurable agenda.
"The challenge will be to turn that capacity and goodwill into a concrete, measurable and sustained agenda that translates into real benefits for companies, agents, clients and the orderly development of the real estate market," he said.
Formalization and prevention of money laundering
One of Monsanto's main arguments is that the formalization of the sector must encompass the commercial, legal, tax, ethical and compliance areas.
In particular, it considers it essential that agents and companies know and correctly apply the provisions related to the prevention of money laundering, due diligence, customer knowledge and responsible handling of transactions.
"Now more than ever, it is necessary for agents and companies to know and properly apply the rules for the prevention of money laundering, due diligence, customer knowledge, and responsible handling of real estate transactions," he emphasized.
It also identifies weaknesses such as a lack of transparency in some operations, verbal agreements, outdated inventories, and a lack of clarity regarding commissions, reserves, and the responsibilities of each party.
In that context, he defends the recognition of professional fees and the value of intermediary work.
"Intermediation cannot be 'just any old thing'. Behind a serious sale there is investment in marketing, training, prospect screening, financial support, documentation, negotiation and after-sales service," he said.
It seeks alliances with banks, trust companies, and developers
Monsanto believes that the AEI should become a bridge between real estate companies and the different sectors that influence market development.
Among them he mentions builders, developers, banks, trust companies, lawyers, engineers, architects, appraisers, insurance companies and public bodies.
"A connected and respected association can better defend the interests of the sector and facilitate solutions to situations that an individual company could hardly manage on its own," he noted.
It proposes establishing permanent working groups to address issues related to mortgage financing, interest rates, trusts, guarantees, titling, permitting, and responsible business practices.
It also considers it necessary to strengthen training programs through workshops, diplomas, certifications and discussions on commercial, financial, legal and regulatory issues.
It proposes indicators to understand market behavior
Another challenge he identifies is the lack of consolidated statistics that would allow for a more accurate understanding of the evolution of the Santiago real estate market.
Therefore, it proposes to promote periodic indicators on prices, available inventory, absorption, demand, financing, housing types, profitability and growth areas.
He believes that having reliable information would help companies, developers, investors, and buyers make better-informed decisions.
When referring to Santiago's competitiveness compared to other regions, he acknowledges its strategic advantages, including economic dynamism, business activity, universities, health services, connectivity, and the diversity of its real estate offerings.
However, he understands that it is necessary to strengthen urban planning, road infrastructure, the availability of services and the promotion of the city as a destination for investment and residence.
"Santiago has great potential, but it needs greater institutionalization, planning, and a shared vision," he said.
It calls for ongoing communication and specialized committees
Regarding union integration, Monsanto believes that the new board should establish constant and bidirectional communication channels with agents and real estate companies.
It proposes holding regular meetings in Santiago, establishing an annual work agenda, and submitting monthly or quarterly reports on the progress and results of the management.
It also proposes creating specialized committees in ethics and mediation, training and certification, legal affairs and compliance, relations with banks and trust companies, builders and developers, and institutional relations.
Among the organizations with which he considers it important to strengthen alliances, he mentions the Dominican College of Engineers, Architects and Surveyors (CODIA), the colleges and associations of lawyers and APROCOVICI, both in Santiago and in Santo Domingo.
In his view, an active institutional representation would allow for a joint approach to the problems affecting the sector and the generation of solutions that benefit all its participants.
New AEI leadership addresses Santiago's pending challenges
The opinions of José Alberto Espinal, Haide María Crisóstomo, and Juan Pablo Monsanto demonstrate that strengthening the Santiago real estate market requires a trade association agenda that addresses both the needs for institutional representation and the weaknesses that persist in professional practice.
Espinal prioritizes the decentralization of the AEI, greater participation of the Northern region in national decisions, the approval of a legal framework, and the strengthening of urban planning.
Crisóstomo, for his part, calls for an association that is closer to its members, with legal backing, free training, greater professional ethics, and a commercial organization that promotes transparent agreements and respects real estate exclusivity.
Monsanto highlights the importance of comprehensive formalization, compliance with anti-money laundering regulations, institutional partnerships, and the creation of statistics that allow for a better understanding of market behavior.
Despite the differences in their approaches, all three agree that the AEI must transcend formal representation and become an organization capable of offering concrete answers, support, and tools to its members.
Their proposals place before the new board the commitment to strengthen the institutional framework of the association, raise the level of professional training, promote transparent business relationships, and ensure more effective participation from Santiago and the other provinces of the Northern region.
In short, those interviewed believe that the future of the Santiago real estate market will depend not only on the growth of construction or the volume of transactions, but also on the ability of its actors to work in a coordinated manner, respect the rules, generate trust and consolidate a more organized professional activity.
The challenge for the new administration will be to turn these demands into sustained initiatives that strengthen union representation and contribute to the orderly and competitive development of the real estate market in Santiago and the entire Northern region.
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